According to a new market report published by Lucintel, the future of composites in the global passenger rail market looks good with opportunities in the interior and exterior applications. The composites in the global passenger rail market is expected to reach an estimated $978 million by 2023 and it is forecast to grow at a CAGR of 5.1% from 2018 to 2023. The major drivers for the growth of this market are development of high speed trains, mono and metro rails, as well as the increasing demand for lightweight materials with superior mechanical performance, aesthetics, and fire safety.

In this market composites are used to make products, such as seat, panels, door, front end cab, toilet module, floor, and ceiling etc. Lucintel forecasts that the front end cab is expected to remain the largest application and toilet module will witness the highest growth during forecast period.

In rail market, RTM/VARTM, open mold, pultrusion, SCRIPM, and injection molding are some of the major processes utilized to manufacture composite parts. RTM/VARTM is expected to remain the largest process in composites part manufacturing for rail industry, supported by the low cycle time and ease of manufacturing.

By fiber type, glass fiber based composites is expected to remain the largest segment. By resin, epoxy based composite is expected to remain the largest segment, supported by its ability to provide superior performance.

Europe is expected to remain the largest market for composites products in the passenger rail industry, whereas APAC is likely to witness the highest growth during the forecast period due to expected increase in high speed train production and growing of mono and metro rail network.

Emerging trends, which have a direct impact on the dynamics of the industry, include the development of green technology products and high performance composites for interior and exterior applications. Joptek Composites, Sintex Wausaukee Composites, Excel Composites, Miles Fiberglass & Composites, and TPI Composites are among the major molders in the global rail composites market.

The study includes a forecast of the growth opportunities for the composites market in the global rail industry by end use application, resin, fiber, manufacturing process, and region as follows:

By application [Volume (M lbs) and Value ($ Million) from 2012 to 2023]: